AUDCAD LONG
💰Take Profit 1 - 0.8920
💰Take Profit 2 - 0.8970
💰Take Profit 3 - 0.9020
❌ Stop loss - 0.8740
Technical Analysis
AUDCAD is currently in a bullish trend. The pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside. This suggests that AUDCAD could continue to rise in the near term.
Fundamental Analysis
There are a few fundamental factors that could support the bullish trend in AUDCAD. First, the Australian economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic and the strong performance of the Australian mining sector.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more slowly than the Bank of Canada (BoC). This could put upward pressure on AUD against CAD.
Finally, the Australian dollar is generally seen as a commodity currency, and it has been strengthening against the Canadian dollar as the price of commodities has risen.
Risks
There are a few risks to consider before entering a trade on AUDCAD. First, the global economy could worsen, which could weigh on risk appetite and lead to a decline in AUDCAD.
Second, the BoC could raise interest rates more quickly than expected, which could also put downward pressure on AUDCAD.
Finally, the Chinese economy could weaken more quickly than expected, which could also put downward pressure on AUDCAD.
💰Take Profit 2 - 0.8970
💰Take Profit 3 - 0.9020
❌ Stop loss - 0.8740
Technical Analysis
AUDCAD is currently in a bullish trend. The pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside. This suggests that AUDCAD could continue to rise in the near term.
Fundamental Analysis
There are a few fundamental factors that could support the bullish trend in AUDCAD. First, the Australian economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic and the strong performance of the Australian mining sector.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more slowly than the Bank of Canada (BoC). This could put upward pressure on AUD against CAD.
Finally, the Australian dollar is generally seen as a commodity currency, and it has been strengthening against the Canadian dollar as the price of commodities has risen.
Risks
There are a few risks to consider before entering a trade on AUDCAD. First, the global economy could worsen, which could weigh on risk appetite and lead to a decline in AUDCAD.
Second, the BoC could raise interest rates more quickly than expected, which could also put downward pressure on AUDCAD.
Finally, the Chinese economy could weaken more quickly than expected, which could also put downward pressure on AUDCAD.
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